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Delegates of the Organization of the Petroleum Exporting Countries and non-member Russia — together known as OPEC+ — have been in a “joint technical committee” meeting in Vienna this week to discuss cutting production, , amid fears of the coronavirus situation in oil consumer China affecting the market.

Reuters report, via an OPEC source, that OPEC+panel proposed 600,000 bpd oil output cut will start immediately and continue until June if agreed by all members.

Market implications

This follows yesterday’s news and also again today that Russia rejected proposals to slash crude output, requesting for more time to assess the impact of a new coronavirus on crude prices. The talks began on Tuesday but are seemingly struggling to find an accord which is limiting the upside prospects for oil prices.